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Sole directors 100% shareholding covid19 query

Benefits availabke

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So are they being classed as self employed the same as when they go for a mortgage or is it going to be different for getting this 80% help for the self employed? Asking for a friend

 

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By Cheshire
26th Mar 2020 18:35

Asked and answered.

Even for your friend

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By SXGuy
26th Mar 2020 18:44

No one really knows.

Hmrc site says all businesses, some here say no. Others including me say yes.

It basically comes down to whether you can be a functioning director and be a furloughed employee.

My vote is you can because a director has duties which they must perform which isn't classed as working. While others believe otherwise.

My advice, as with all of this is to wait until it becomes available for claim and check the criteria.

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By Jdopus
26th Mar 2020 19:38

As of today's statement from HMRC, they don't qualify for self-employed help and instead have to claim 80% of their salary through the employee support scheme.

While Self employed people are allowed to continue working and still qualify for their 80%, in order for a limited company director to justify being furloughed, they have to completely shut their company down and aren't allowed to carry out any work at all.

https://www.gov.uk/government/news/chancellor-gives-support-to-millions-...

Basically, the chancellor has sold everyone who runs a small company down the river.

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By Matrix
26th Mar 2020 19:42

That’s it in a nutshell and will be my reply to all my Director queries.

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